Mike Norman Economics

In my new INET working paper, I revisit their method and identify a fatal fallacy of the case for expansionary austerity that by itself overturns the claims made for the view.Statisticians call the mistake “reverse causality.” What it means, in this case, is that the statistical techniques adopted to test models of expansionary austerity fail to properly account for cyclical movements in the expenditure-GDP ratio. It follows that decreasing expenditure-GDP-ratios appear to cause an increase...

Over the twenty years that I have been pursuing an Islamic approach — focusing on the production of USEFUL knowledge, I have managed to heal all three of these divides. This happens naturally, when you focus on solution of real world problems. You automatically need to combine information coming from many different specialization areas. You need to use reasoning and also intuition. You also need to use both theory and its applications to the real world experiences. This leads to substantial...

Now Trump pointing to commie USD zombie China's "pumping!" and advising US to "match" ... also mentions Europe but ECB hasn't "pumped!" since December so I don't know what he is talking about there....  he'll crash the whole system again... the unqualified Monetarists in full control of global policy ... MMT people planting trees... SCARY!!!!China and Europe playing big currency manipulation game and pumping money into their system in order to compete with USA. We should MATCH, or continue...

Hard to argue with the Dimon lede here.... Jamie Dimon: 'Regulation, bureaucracy, and stupidity' are what's wrong with America https://t.co/DDWKM4K8Jw pic.twitter.com/P8OkcfDT8t— Yahoo News (@YahooNews) July 3, 2019 Dimon obviously ripping off Mike's stuff.. here from 3 years ago; nothing has changed:[embedded content]

When the governments in the advanced nations abandoned full employment as an overarching macroeconomic objective, and instead, starting pursuing what I have called full employability, they stopped seeing unemployment as a policy target (to be minimised) and began using it as a policy tool to suppress inflation. As mass unemployment rose, the politics were massaged by the mainstream of my profession who claimed that the level of unemployment that constituted full employment had risen (this...

The Integrity Initiative has mobilized an international disinformation campaign across Europe. Now, with government and right-wing foundation money, this massive “political smear unit” is infiltrating the US. Here, you get to read about chilling, pure evil again. A vipers den of swamp creatures, spooks, creeps, and weirdos. And it's all mixed up with the Tories, along with top journalists and media outlets.  I kind of get the feeling that when we have all gone to bed at night and are...

There's some pretty nasty people mixed up in all this, I bet! The people working to expose this are brave. That’s certainly the case in Delaware, a small American state with a reputation as a tax haven. There, Ukraine’s largest bank finds itself at the center of a case that could expose the biggest money-laundering scheme in world history. PrivatBank, currently state-owned, is suing its former owners, oligarchs Igor Kolomoisky and Gennadiy Boholyubov, as well as multiple business...

Noel Edmunds says how nobody believed him when he told them that Lloyd's Bank was a criminal outfit, but now the truth is coming out. It is a criminal organisation on a massive scale, like Deutsch Bank.He says that over the next few months there will be many arrests at Lloyd's bank, but he fears that those at the very top will probably get away with it as usual.Lloyd's Bank employees forged signatures and invented non existant employees so they could get people thrown out of their homes or...

"Low-level corruption" at high levels. What is "low-level corruption"? No illegal but unethical owing to conflict of interest and principal-agent problem, the principal being the public and the agent being their representative in government. Craig Murray BlogBought PoliticiansCraig Murray, formerly British ambassador to Uzbekistan and Rector of the University of Dundee

But the trip would probably be more interesting for another species of traveler: the economics tourist. You might not see a lot of postcard-worthy views, but you will learn something about the structure of the Chinese economy. Andrew Batson's BlogWhat you can see from the high speed train to Beijing Andrew Batson